April 6, 20183min1639

The SEC chairman : ”ICO’s Are Absolutely Not All Fraudulent”

Jay Clayton, chairman of the U.S. Securities and Exchange Commision (SEC)

The SEC chairman appears to be changing his stance toward ICOs, where before was focusing primarily on the dangers ICOs bring, now is softening his view. At a Princeton University event Thursday, The SEC’s highest-ranking official surprised everyone with a positive note on ICO environment. He rejected the idea that all ICOs are fraudulent, answering ”absolutely not” to a question centered on whether the agency’s actions against some founders of blockchain projects amounts to such an admission.

 


 

The SEC chairman Jay Clayton’s remark came during a talk on ”Cryptocurrency and Initial Coin Offerings,” one of more notable past statements, including his most famous issued in February, in which he said that he believes ”every ICO” he and his team researched, qualifies as a security. He opened the talk by telling the assembled students he believes that ”distributed ledger technology has incredible promise for the financial industry.”

Clayton went on to argue that the steps taken by the agency in recent months could actually help the industry mature overall.

He told the students: 

Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My quick answer is that my hope is that it’s actually helping – because this technology is being used for fraud and to the extent that it’s being used for fraud, history shows that government comes down harshly on that technology later.

Clayton’s remarks follow the SEC’s recent charges against Floyd Mayweather’s promoted Cryptocurrency Centra tech. Specifically the co-founders of the coin. The agency stopped the ICO and charged Sohrab and Rober Farka with Fraud after they raised $32 million by selling ”unregistered securities.” 

The SEC chairman said that such actions were in the industry’s best interests. ”I think if we don’t stop the fraudsters, there is a serious of risk regulatory pendulum – the regulatory actions will be so severe that they will restrict the capacity of this new security,” he reportedly told the audience.


 

Read the latest article: 51% attack on Verge


About us

We are the new economy news hub. 2100NEWS is the professional index, data, and tools provider in the digital asset space, offering Crypto Market Intelligence, providing the perspective you can trust and equipping you with information edge you need to stay ahead. (Real-time data of token issuers and news, analysis and commentary from community.) We are very excited to contribute to the evolution of the industry and build an ecosystem around our offering (the institutional-grade data infrastructure required to enable institutional investments in digital assets). We want our contributions (Contents and Tools on 2100NEWS.com) to be useful for helping investors.


CONTACT US

CALL US ANYTIME



Latest posts



Newsletter


    • ethereumEthereum (ETH) $ 3,094.68 1.46%
    • litecoinLitecoin (LTC) $ 77.99 0.78%